IFSB Annual Meetings 2025 Concluded in Rabat with Renewed Focus on Industry Resilience and Implementation

Rabat, MOROCCO – 2 July 2025 – The Islamic Financial Services Board (IFSB) successfully concluded its 46^th Council Meeting and 23^rd General Assembly in Rabat, Morocco, chaired by His Excellency (H.E.) Abdellatif Jouahri, Governor of Bank Al-Maghrib and Chairman of the IFSB Council for 2025. The meetings reaffirmed the commitment to addressing regulatory gaps and strengthening capacity development across the Islamic financial services industry with an urgent focus on addressing structural weaknesses, scaling up non-bank segments, and reinforcing resilience through improved implementation of IFSB standards.

The discussions focused on the IFSB’s Strategic Plan 2025–2027 including, in particular, the continued development and maintenance of internationally recognised standards, with a renewed emphasis on non-bank financial sectors; the advancement of frameworks for financial safety nets; financial inclusion; and climate-related financial risks, the adoption of a forward-looking approach to monitoring financial stability and identifying emerging risks, and an expanded technical assistance programme to support consistent implementation. The deliberations further highlighted the importance of coordinated action in advancing the regulatory agenda and reinforcing the foundations of a resilient Islamic financial system to unlock its full potential as a globally recognised component of the international financial architecture.

Alongside these strategic priorities, key agendas that were approved include:

• Adoption of New Standard and Guidance Note
  The Council approved the adoption of IFSB-31: Guiding Principles for Effective Supervision of Sharīʻah Governance and the issuance of the Guidance Note-10: Recovery and Resolution for Takāful Undertakings.
• Admission of Two New Members
  The Council approved the admission of the Bank of Algeria as a Full Member and Takaful Ikhlas General Berhad (Malaysia) as an Observer Member. With these additions, the IFSB now comprises 182 members from 60 jurisdictions globally.
• Chairmanship of the IFSB Council for 2026
  The 23^rd General Assembly approved the appointment of H.E. Khalid Ebrahim Humaidan, Governor of the Central Bank of Bahrain, as Chairman of the IFSB Council for 2026, and H.E. Dr. Olayemi Michael Cardoso, Governor of the Central Bank of Nigeria, as Deputy Chairman. The appointments take effect on 1^st January 2026.

More than 130 representatives from IFSB member institutions attended the Annual Meetings, including senior officials from central banks, regulators, supervisory authorities, and multilateral institutions from across the financial sector.

The IFSB Annual Meetings feature a series of side events, including the debut of the IFSB Members’ Experience-Sharing Session, a series of Capacity Building Workshops, the 23^rd Islamic Financial Stability Forum, and the 2^nd IFSB Consultative Group (ICG) meeting. Find out more about the events at www.ifsb.org and on IFSB’s social media channels.